Tax hikes are upon us – planning information

With the enactment of an enhanced federal role in medical care comes the need for revenue enhancement. The age of new tax hikes is upon us. Some planning information. 3.8% "Medicare" tax on investment income and an additional 0.9% Medicare

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Uncertain Tax Position

CORRESPONDENCE AUDITS OF SOLE PROPRIETORS

Estimates by the Internal Revenue Service (IRS) show that $68 billion of the $345 billion tax gap in 2001 was due to sole proprietors who underreported their income. Treasury Inspector General for Tax Administration (TIGTA) evaluated closed correspondence audits of

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Posted in Appeals & Audit Resolution, Correspondence Audit, Small Business, Sole Proprietor, Sub-chapter S

Common tax filing mistakes to avoid

Here are some ways to avoid common tax return errors. File electronically. If you e-file or Free File, tax software will do the calculations, flag common errors and prompt you for missing information. Remember Making Work Pay. The Making Work

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Top 10 First-Time Homebuyer Credit Tax Tips

There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim

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Posted in Paying Taxes, Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Special Payroll Tax Exemption Form Now Available

The Internal Revenue Service today released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President

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Posted in Business Expense, Deductible Expense, Employment Tax, Paying Taxes, Payroll Tax Problems, Tax Guidance & Preparation

Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know

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Posted in IRA

Taxpayer Advocate Service

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving problems with the IRS, or who believe that an IRS system or

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Posted in Taxpayer Advocate

Health Care and Education Reconciliation Act

As widely anticipated, President Obama signed the Health Care and Education Reconciliation Act (HR 4872) into law earlier this week. The new law makes material changes to the tax law elements of the new health care legislation signed into law

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Posted in Education Expense, FICA, Health Care Tax Credit

Tax Appeal Rights

The IRS provides an appeals system for those who do not agree with the results of a tax return examination or with other adjustments to their tax liability. Here are the top seven things to know when it comes to

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, FICA, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Extension Request, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Sole Proprietor, Statutory Notice of Deficiency, Sub-chapter S, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests

‘Green’ Tax Credits

When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. The Internal Revenue Service wants you to know about these six energy-related tax credits created or expanded by the American

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Posted in Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief
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